Brands like Sears, Kmart and JC Penney have been ubiquitous with America's retail landscape. That's why it becomes jarring to learn that today there are 695 Sears-owned retail locations - compared to 3,500 in 2010. J. C. Penney is scheduled to close 140 stores nationwide this summer. At its height, Radio Shack had 7,300 comapny-owned stores. Today there are less than 70. Staples, Macy's, The Bon-Ton, Payless Shoes - they've all seen store closures in Pennsylvania. These closings do not reflect the totality of the area's retail climate, however. Despite substantial competition from big-box stores such as Walmart and Target and the omnipresent Amazon juggernaut, brick-and-mortar retail does thrive in the region.
Shopping trends among millennials indicate greater a greater emphasis on convenience as well as an enhanced face-to-face sales experience forcing retailers to rely on detailed customer data collated from various social media platforms. The "shopping experience" is driving younger consumers into more of the independently owned businesses that previous generations eschewed for the ease of "one-stop-shopping."
Smart Talk will examine the state of retail in the central counties; we will look at retail real estate and development trends, the shifting purchasing habits in today's retail landscape, what stores are thriving and which stores are dying and we'll ask why some shopping malls are seeing explosive growth (Park City, King of Prussia) and why some are dead on the vine (Fairgrounds, Coventry.)
Brian Rider, president and CEO of the Pennsylvania Retailer's Association will provide an overview of retail business in the region and statewide. Omni Realty Group owner Michael Kushner will contribute the analytics on mid-state retail and real estate trends and Kevin Schrieber, president of the York County Economic Alliance will talk about promoting new business start-ups and helping existing businesses to grow.
We will also speak with John Shuba, co-owner of Angry, Young and Poor; a rock and roll boutique in Lancaster that balances a brick and mortar store with a successful online presence.